Revenue rose 26.50%, but operating margin fell 2.91 points
Expenses grew 35.47% year on year, while lower tax and higher other income supported the 9.43% increase in consolidated net profit.
Filed 30 Apr 2026, 13:43 IST · Adani Ports & Special Economic Zone Ltd (ADANIPORTS)
Key takeaways
- Consolidated revenue grew 26.50% year on year, but faster expense growth pulled operating margin down 2.91 percentage points.
- Net profit rose 9.43% as the tax rate fell 3.82 percentage points, while other income contributed 24.33% of pre-tax profit.
- The stock gained 5.98% five sessions after the results, above its 2.07% median absolute move after the past eight results.
Price around the results
Revenue growth did not translate into operating leverage
Consolidated revenue increased 26.50% year on year and 10.64% sequentially, but expenses grew faster at 35.47% and 20.40%, respectively. That pushed operating margin down 2.91 percentage points year on year and 3.56 percentage points quarter on quarter. Operating profit still increased 20.25% year on year, though the sequential increase was only 4.04%.
Lower tax softened the pressure on reported profit
Pre-tax profit grew only 4.76% year on year and 2.47% sequentially, as interest expense rose 124.53% year on year and 63.84% quarter on quarter. Net profit grew faster because the tax rate fell 3.82 percentage points year on year and 5.14 percentage points sequentially. Other income accounted for 24.33% of pre-tax profit, so reported earnings included a meaningful non-operating contribution.
Margin has declined for a second straight quarter
Operating margin rose to 60.54% in Q2FY26, then fell to 59.62% in Q3FY26 and 56.06% in Q4FY26. Despite the decline, Adani Ports' margin was 24.91 percentage points above the 31.15% median for the 12 Services-sector peers that had reported.
The delayed market move was larger than the stock's usual reaction
The stock slipped 0.23% on the results date, then gained 4.91% in the next session and 5.98% after five sessions. Its response after the past eight results was evenly split between four rises and four falls, with a 2.07% median absolute move, making the five-session move larger than its usual reaction.
Q4FY26 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹10,738 cr | ₹9,705 cr | +10.64% | +26.50% |
| Other income | ₹900 cr | ₹189 cr | +376.92% | +111.47% |
| Expenses | ₹4,718 cr | ₹3,919 cr | +20.40% | +35.47% |
| Operating profit | ₹6,020 cr | ₹5,786 cr | +4.04% | +20.25% |
| Operating margin (%) | 56.06% | 59.62% | — | — |
| Interest | ₹1,605 cr | ₹980 cr | +63.84% | +124.53% |
| Depreciation | ₹1,615 cr | ₹1,384 cr | +16.64% | +36.29% |
| Profit before tax | ₹3,700 cr | ₹3,611 cr | +2.47% | +4.76% |
| Tax | ₹392 cr | ₹568 cr | -31.02% | -23.03% |
| Net profit | ₹3,308 cr | ₹3,043 cr | +8.72% | +9.43% |
| EPS (₹) | ₹14.45 | ₹14.04 | +2.92% | +3.58% |
Operating margin of 56.06% compares with a Services sector median of 31.15% across 12 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -0.23% | +0.52% |
| Next session | +4.91% | — |
| 5 sessions | +5.98% | +5.98% |
| 15 sessions | +7.57% | — |
| 30 sessions | +8.65% | — |
Volume on the results session was 1.73× its 20-day average.
What to watch
- Whether operating margin holds above 56.06% after its second straight quarterly decline.
- Whether expense growth moderates from 35.47% year on year.
- Whether interest expense remains below the current quarter's Rs 1605.22 cr.